Supermarket giant Sainsbury’s has called on the government to do more to boost consumer confidence heading into the crucial Christmas period.
Speaking to CNBC, Sainsbury’s commercial director Mike Coupe acknowledged that many shoppers are “feeling the pinch”, but warned the government that gloomy economic sentiments could become a self-fulfilling prophecy. However, he insisted he was confident that spending would hold up despite the uncertain outlook.
Mr Coupe added that Sainsbury’s recent price promotion had ensured sales, profits and investment had all been resilient over the last few weeks. While the company’s share price has fallen sharply during the last year, Mr Coupe expressed optimism that it would continue to experience steady growth.
“We have to be careful not to talk ourselves into recession,” he said. “The launch of our brand match promotion means you don’t need to shop anywhere else for branded goods.”
His remarks came after rival Marks & Spencer confirmed its profits had fallen in the first half of the current financial year, but claimed it remained well positioned for a strong showing over the festive season.
